So you have an amazing business concept and you feel so confident that you are ready to quit your job and step out on your own. However while you might be confident in your concept that is a million miles away from being an expert in every area that you will need to be successful. There is a simple solution to this problem and it is called corporate professional advisors.
You are probably now wandering what on Earth are corporate professional advisors? The simple answer is these are your businesses best friends and like best friends you need to select them with care, get to know them - good points and bad, and finally ensure your other business friends know them as you need to trust them totally.
So who should make up your corporate professional advisors - your inner circle?
Firstly you need a friendly banker. No matter what your business concept is at some point you are going to need a bank account and far more importantly business financing be that a overdraft, credit card or loan. Take your time over this and interview as many banks as you can. They will do their checks on you so you should do your checks on them. Remember the account manager you are talking too won't be there for life so ensure you get to know the other branch staff and if your account manager does move on ensure they personally introduce you to their replacement and run through your current and potential business banking requirements.
Secondly you need a chartered accountant. Accountants come in all shapes and sizes and therefore hourly rates. In my personal opinion I believe that it is better to spend money up front as it's often far cheaper than spending it later on. There is a reason the wealthy are wealthy, they have good advisors. Be honest and up front with the accountant you select as quite often they are willing to do work with high growth potential businesses for a reduced rate to build a strong business relationship for when you need the full suite of accounting services they offer. Remember the key phase "don't ask, don't get".
Thirdly you will need a lawyer. No one really likes lawyers though they have their place in your inner circle. Be it for employment contracts, non-disclosure agreements, investment offerings or to defend your intellectual property. Like bankers and accountants interview a few and select one that you have a connection with, as it will be easier to trust them, and whom has the ability to cater to your business needs. I have personally found that having a "big name" lawyer can often sort a situation with one letter as the letterhead seems to scare the other party off. If right is on your side and you have the right advisor then that's a excellent combination.
Fourth you should always have a business mentor. This can be a successful business person you know or if you don't know one many business groups have a mentorship program that you can take advantage off. The good news is that mentors often give up their time, and connections, for free to help young emerging business owners get off on the right step. They can become your trusted friend and potentially of more use to your business than you ever thought possible.
Lastly you should remember that the best advisor on your start up might not be the best one for every stage of your business. If you do it correctly you will maintain existing relationships and generate new ones.
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